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CC Resolution 9593 CITY OF CAMPBELL RESOLUTION NO. 9593 RESOLUTION APPROVING lHE ISSUANCE BY lHE OTY OF CAMPBELL REDEVELOPMENT AGENCY OF TAX ALLOCA nON BONDS TO FINANCE ACQUISITION AND CONSTRUCTION OF A DOWNTOWN PUBLIC PARKING FACILITY RESOLVED, by the City Council (the "Council") of the City of Campbell (the "City") as follows: WHEREAS, the City of Campbell Redevelopment Agency (the ff Agency") is a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the California Health and Safety Code (the "Law"), including the power to issue bonds for any of its corporate purposes; WHEREAS, in connection with the Agency's Central Campbell Redevelopment Project (the "Project Area") in the City, and in compliance with all requirements of the Law, the City has adopted a redevelopment plan for the Project Area, specifically a Second Amended and Restated Central Campbell Redevelopment Plan, adopted by the City on June 16, 1992 by Ordinance No. 1860, which amended and restated the Redevelopment Plan adopted June 21, 1983 by Ordinance No. 1461, as amended and restated by that Amended and Restated (First) Redevelopment Plan adopted January 15, 1991 by Ordinance No. 1830; WHEREAS, pursuant to the Law, the Agency has previously entered into that certain Indebtedness Agreement, dated as of November 1, 1991 (the "1991 Indebtedness Agreement"), by and between the Agency and the City, pursuant to which the City advanced to the Agency a portion of the proceeds of sale of the City's $29,300,000 1991 Certificates of Participation (Civic Center Project) (the "1991 Certificates") and the Agency agreed to repay such advance (the "Advancement"); WHEREAS, the Agency's repayment obligation with respect to the Advancement under the 1991 Indebtedness Agreement was secured by a pledge of certain tax increment ("Tax Revenues") generated in the Project Area; WHEREAS, the 1991 Indebtedness Agreement permitted the issuance of additional debt by the Agency secured by Tax Revenues ona parity with amounts owed by the Agency with respect to the Advancement under the 1991 Indebtedness Agreement ("Parity Debt"), subject to certain conditions; WHEREAS, the Agency and the City subsequently entered into that certain Amended and Restated Indebtedness Agreement, dated as of June 1, 1993 (the "1993 Indebtedness Agreement"); WHEREAS, the City and the Agency executed the 1993 Indebtedness Agreement in connection with execution and delivery of the City's $11,810,000 1993 Refunding Certificates of Participation (Civic Center Project) (the "1993 Certificates"), the proceeds of which were used, in part, to prepay a portion of the 1991 Certificates; WHEREAS, pursuant to the 1993 Indebtedness Agreement, the Agency agreed to repay the Advancement on the terms set forth therein; WHEREAS, the 1993 Indebtedness Agreement permitted the issuance of Parity Debt on a parity with amounts owed with respect to the Advancement under the 1993 Indebtedness Agreement, subject to certain conditions; WHEREAS, the Agency and the City subsequently entered into that certain Second Amended and Restated Indebtedness Agreement, dated as of October 1, 1997 (the "1997 Indebtedness Agreement"); . WHEREAS, the City and the Agency executed the 1997 Indebtedness Agreement in connection with execution and delivery of the City's $13,480,0001997 Refunding Certificates of Participation (Civic Center Project) (the "1997 Certificates"), the proceeds of which were used to prepay the remaining outstanding 1991 Certificates and to finance street capital improvements in the City; WHEREAS, pursuant to the 1997 Indebtedness Agreement, the Agency agreed to repay the Advancement on the terms set forth therein; WHEREAS, the 1997 Indebtedness Agreement permitted the issuance of Parity Debt on a parity with amounts owed with respect to the Advancement under the 1997 Indebtedness Agreement, subject to certain conditions; WHEREAS, the Agency now wishes to finance certain redevelopment activities (within the meaning of Section 33678 of the Law) within and of benefit to the Project Area, including acquisition and construction of a new downtown public parking facility (the "Downtown Parking Facility") to be located in the Project Area; WHEREAS, accordingly, the Agency has now determined to issue its Central Campbell Redevelopment Project Tax Allocation Bonds, Series 1999 (the "Bonds"), pursuant to the Law; WHEREAS, the Bonds will be secured by a pledge of and lien on Tax Revenues (as hereinafter defined) on a parity with the Agency's obligation with respect to the Advancement under the 1997 Indebtedness Agreement (which repayments are currently used by the City to pay a portion of the principal and interest with respect to the 1993 Certificates and the 1997 Certificates ); WHEREAS, as required by the 1997 Repayment Agreement, the Agency has delivered to the trustee with respect to the 1993 Certificates (the "1993 Trustee") and the trustee with respect to the 1997 Certificates (the "1997 Trustee") a written certificate certifying that the conditions precedent to the issuance of such Parity Debt have been satisfied; WHEREAS, the Agency wishes at this time to authorize proceedings for the issuance and sale of the Bonds; . . WHEREAS, in accordance with the requirements of Section 33640 of the Law, the Council wishes at this time to approve the issuance and sale of the Bonds by the Agency; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. Approval of the Bonds. The issuance and sale of the Bonds by the Agency in the aggregate principal amount of not to exceed $12,000,000, is hereby approved. -2- Section 2. Findings required by Section 33445 of the Law. Following consideration of the issuance of Bonds to finance acquisition and construction of the Downtown Parking Facility, the City Council hereby determines as follows: (a) That the Downtown Parking Facility is of benefit to the Project Area. (b) That no other reasonable means of financing acquisition and construction of the Downtown Parking Facility are available to the community. (c) That the payment of funds for acquisition and construction of the Downtown Parking Facility will assist in the elimination of one or more blighting conditions inside the Project Area, and is consistent with the Agency's implementation plan adopted pursuant to Section 33490 of the Law. Section 3. Subordination of Section 33676 Payments. The City Council hereby agrees to subordinate its right to receive payments pursuant to Section 33676 of the Law to payment of debt service on the Bonds and any parity debt. Section 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. ******* PASSED and ADOPTED this 5th day of October, 1999, by the following votes: AYES: Counci1members: Watson, Dougherty, Dean, Kennedy, Furtado NOES: Counci1members: None ABSENT: Counci1members: None ABSTAIN: Counci1members: None G~~\ M~yor Daniel E. Furtado ATZ? ~A{{,^- City Clerk Anne Bybee -3-